So finally it happened – yesterday Bitcoin crossed the $4,000 mark, touching a two-month high and breaking above the important psychological barrier for the first time in 2019. This is a major milestone for it, and it has given further boost to the hopes that a bull run may get started within this year itself. At the time of writing Bitcoin’s price is at $4,186, way above the 4k mark.
On Saturday almost all cryptocurrencies were trading in green. Besides Bitcoin the second and third largest cryptocurrencies, namely Ethereum (yes, Ethereum is now back to second spot) and XRP, also jumped as much as 11.2% and 5.5%, respectively. While Ethereum is currently trading around $164, XRP is at $0.33. Other notable jumps included 11.4% jump of EOS, 9.1% jump of Bitcoin Cash and 8.25% jump of Cardano. However, that is the picture of Top 10 cryptocurrencies only. The biggest riser in Top 50 was Ontology network’s token, which rose as much as 26.74%. Currently all these cryptocurrencies are trading on the following prices:
- Bitcoin Cash:$156.12
Neo was also a major riser in the top 50 club. It jumped as much as 19.3%, and is currently trading at $10.5. Not a single cryptocurrency was trading in red, and this kind of picture has become more frequent in 2019. The end result of this rise is a 16% increase in the overall market capitalization of crypto market over the course of last 7 days. The market cap now stands at $141 billion.
Interestingly, this was not the first time in this week when crypto market leaped higher. It had been rising slowly but steadily throughout the week. And according to experts there are a number of factors at play right now giving fuel to this fire. The launch of Samsung Galaxy S10 with in-built cryptocurrency wallet, the continued interest of wealthy investors in ICOs and major network upgrades approaching in the months to come are collectively adding to the rise of cryptocurrency prices. It will be interesting to see how things play out in the week ahead.